ITAT Rules Assessee Not Liable for Penalties u/ss 271E and 271D Due to Lack of Inherited Assets.

Assessee not liable for penalties u/s 271E/271D for violation of sections 269SS/269ST by company where she was neither shareholder nor director. ITAT held assessee cannot be fastened with liability for acts/omissions of her deceased husband who was director, as she neither inherited any estate from him nor was involved in company's dealings. Provisions of section 159(6) limit legal representative's liability to extent of assets acquired. Revenue failed to establish assessee received any estate from late husband. Penalties deleted. .....

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